China’s financial regulator vows to expand institutional opening-up

China's National Financial Regulatory Administration (NFRA) pledged to further open up the country's financial sector, with a focus on institutional-level opening-up, an official with the administration said on Friday.

"The NFRA will continuously improve the management model of pre-establishment national treat plus a negative list for foreign investment, benchmark relevant financial rules in international high-standard economic and trade agreements, and streamline restrictive measures so as to enhance the transparency, stability, and predictability of opening-up policies," Li Guochun, an official with the NFRA, made the remarks at a Friday press conference held in Beijing introducing this year's Financial Street Forum (FSF).

Li said the financial regulator will explore appropriately differentiated regulation of foreign banks and insurance firms, enhance scientific and effective regulation on these foreign institutions by fully considering their characteristics and continue to refine and implement supervision rules, and continue to improve the business environment.

Meanwhile, efforts will be made to improve the market access rules for foreign investment and further simplify restrictive measures so as to boost more foreign investment, Li said.

Foreign-funded financial institutions are encouraged to leverage their strengths to service China's sci-tech innovations and green and low-carbon development and actively integrate with various national strategies and regional development strategies to gain more opportunities, according to the official.

As China continues opening its financial market, China has seen 24 foreign systemically important banks establish branches in China, and nearly half of the world's top 40 largest insurance companies have entered the Chinese market, official data showed.

The FSF will be held from October 18 to 20, hosting over 500 guests from more than 30 countries and regions.